Kandi Technologies Group, Inc. (NASDAQ: KNDI) operates as a China-based manufacturer, developer, and sales of vehicles, including electric vehicles. Shares of the Chinese vehicle company jumped 34.34%, during trading on Wednesday, February 20, 2019. Over the past three months, Kandi Technologies Group has seen average daily volume of 293,500 shares. However, volume of 31.01 million shares or dollar volume of $247.46 million, exchanged hands during trading on Wednesday.
Shares of Kandi Technologies Group jumped on Wednesday, after the company announces that the U.S. National Highway Traffic Safety Administration (NHTSA) has approved the company’s bid to import and register its two pure electric vehicles in the U.S.: Model EX3 and Model K22. This will allow the company to commence sales of its two electric vehicles within the United States, a major victory for a Chinese automaker. Here is the full press release detailing of the approval:
Kandi Technologies Group, Inc. Press Release:
JINHUA, China, Feb. 20, 2019 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that Kandi brand electric vehicle (“EV”) Model EX3 and Model K22 have been approved for importation and registration in the USA by the National Highway Traffic Safety Administration (“NHTSA”). More information can be found by visiting the NHTSA’s website at https://vpic.nhtsa.dot.gov, clicking the “vPIC Decoder” link and entering 7KZ in the Vehicle Identification Number (“VIN”) field. This is another significant milestone after qualifying for a $7,500 U.S. Federal tax credit in October 2018. The NHTSA approval is an assurance that Kandi’s two EV models conform to NHTSA standards and are registered in the U.S.. The JV Company will begin the process of launching the Model EX 3 and Model K22 for the American market.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “we are thrilled Kandi Model EX3 and Model K22 received approval from the NHTSA. The approval has demonstrated our EV models meet all the necessary requirements and standards of the U.S. government. With this, we are confident in introducing our reliable vehicles to the American public. We believe both the EX3 and K22 are competitive in price and quality with advanced tech features that are in demand by American consumers. We are confident that SC Autosports, our U.S. subsidiary, will have a successful launch and grow the EV market in addition to its powersports business.”
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”), SC Autosports, LLC, the wholly-owned subsidiary of Kandi Vehicles, and Kandi Electric Vehicles Group Co., Ltd. Kandi Vehicles has established itself as one of China’s leading manufacturers of pure electric vehicle parts and off-road vehicles.
In 2013, Kandi Vehicles and Geely Group, China’s leading automaker, jointly invested in the establishment of the JV Company in order to develop, manufacture and sell pure electric vehicle (“EV”) products. As of 2018, each party has invested RMB 1.045 billion in the JV Company, for a total investment of RMB 2.09 billion with each party holding a 50% stake in the JV Company. The JV Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.
More information about KNDI is available on the Company’s corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.
Safe Harbor Statement
This press release contains certain statements that may include “forward-looking statements.” All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on the SEC’s website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.